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Should your business partner be just like you?

On Behalf of | Mar 18, 2023 | Business Organizations

It’s very natural to want to work with someone who is similar to yourself. You’re just going to have a connection and you’re going to get along well. Many people who decide to start a business together do so on these grounds. They’re both similar people and they know this will make their business partnership robust. 

However, while it is good to get along with your business partner and have a strong relationship, it may not be ideal to have a business partner who is just like yourself. What should you be looking for?

Complementary skills

What you want to look for is a business partner who has complementary skills to your own. The business, after all, is made up of a combination of both of your abilities and attributes. The wider the variety of skills that you have, the stronger that business is going to be.

For example, your business could struggle if you are both great at product design but you don’t know how to do marketing and customer analysis. However, if one person has the upper hand in product design and the other has more of an ability to market those products to a significant customer base, then the business is far more likely to post strong sales numbers. Those complementary skills are far more valuable than two people who are essentially in the same role.

Choosing the right business partner is important, as is officially setting up that legal relationship. You may want to create a partnership agreement and other contractual documents. Make sure you know what legal steps to take as you do.